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REGISTERED NUMBER: 04692499 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Panchem (Uk) Ltd

Panchem (Uk) Ltd (Registered number: 04692499)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Panchem (Uk) Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mrs O J Ilevbare
O Ilevbare





REGISTERED OFFICE: Suite 1
Concept House
23 Billet Lane
Hornchurch
Essex
RM11 1XP





REGISTERED NUMBER: 04692499 (England and Wales)





ACCOUNTANTS: Havard & Associates
Suite 1
Concept House
23 Billet Lane
Hornchurch
Essex
RM11 1XP

Panchem (Uk) Ltd (Registered number: 04692499)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,000 52,000
Tangible assets 5 1,559 2,812
43,559 54,812

CURRENT ASSETS
Stocks 40,000 35,000
Debtors 6 53,191 57,208
Prepayments and accrued income 4,750 4,750
Cash at bank and in hand 81,909 73,168
179,850 170,126
CREDITORS
Amounts falling due within one year 7 106,671 99,133
NET CURRENT ASSETS 73,179 70,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

116,738

125,805

PROVISIONS FOR LIABILITIES 309 534
NET ASSETS 116,429 125,271

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 116,329 125,171
SHAREHOLDERS' FUNDS 116,429 125,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Panchem (Uk) Ltd (Registered number: 04692499)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:





O Ilevbare - Director


Panchem (Uk) Ltd (Registered number: 04692499)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Panchem (Uk) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Panchem (Uk) Ltd (Registered number: 04692499)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 205,000
AMORTISATION
At 1 June 2022 153,000
Charge for year 10,000
At 31 May 2023 163,000
NET BOOK VALUE
At 31 May 2023 42,000
At 31 May 2022 52,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 20,621
DEPRECIATION
At 1 June 2022 17,809
Charge for year 1,253
At 31 May 2023 19,062
NET BOOK VALUE
At 31 May 2023 1,559
At 31 May 2022 2,812

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 35,000 40,000
Other debtors 18,191 17,208
53,191 57,208

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 19,432 25,257
Trade creditors 33,186 27,624
Taxation and social security 15,386 7,796
Other creditors 38,667 38,456
106,671 99,133

Panchem (Uk) Ltd (Registered number: 04692499)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 Ordinary 1 100 100

9. RELATED PARTY DISCLOSURES

Panchem (UK) Limited is wholly owned by Devine Pharmacy Limited.